Tax Plan

From the moment I took office, my top priority has been standing up for New York taxpayers. Keeping America competitive and free means having a tax system that rewards hard work, fuels entrepreneurship, and lets families and businesses grow and succeed. I am the only New York Republican who voted for both of President Trump’s landmark tax bills: the Tax Cuts and Jobs Act (TCJA) in 2017 and H.R. 1, the Working Families Tax Cuts. Both laws delivered historic relief by lowering rates for individuals and businesses, doubling the Standard Deduction and the Child Tax Credit, and driving private investment and job growth across the country.

As a member of the House Ways and Means Committee, responsible for overseeing federal tax policy, I played a pivotal role in crafting H.R. 1’s comprehensive tax relief. On July 4, 2025, President Trump signed H.R. 1 into law. This is a transformative, pro-growth, pro-worker, and pro-family tax package that locks in and expands the successes of TCJA.

The Working Families Tax Cuts makes the 20% small business deduction permanent, raises the standard deduction, and restores full expensing for equipment purchases. It protects family farms from the estate tax, bolsters the Child Tax Credit, and allows independent contractors, truckers, and gig workers to focus on their businesses instead of getting bogged down with 1099 forms and IRS paperwork.

H.R. 1 also makes the New Markets Tax Credit (NMTC), a long-standing priority of mine, a permanent fixture of the tax code. NMTC permanence establishes long-term certainty for private investors and community development organizations so that they can invest in communities across New York’s 24^th Congressional District. The credit offers a 39% federal tax credit for investments made in low-income, economically distressed areas, encouraging job creation, business development, and infrastructure growth. 

Our focus should be on giving families and taxpayers more flexibility, more opportunity, and more control over their hard-earned money. In stark contrast to President Trump and Republicans, Democrats have consistently supported trillions in new taxes on families and businesses, massive IRS expansion, and higher death taxes that would devastate family-owned businesses and farms.

Republicans, alongside President Trump, worked tirelessly in passing H.R. 1 to ensure families take home more of their hard-earned money; Main Street businesses thrive; and American companies and workers can compete in the global marketplace. However, there is still more that needs to be done to support NY-24. Below is a list of key provisions of the Working Families Tax Cuts and pending legislation I am working on that benefit our farmers, families, workers, and communities.

Sustaining Our Farms and Rural Communities:

• Permanently Extended Death Tax Relief: The death tax unnecessarily punishes family farms and small businesses by extracting millions in cash for the next generation upon inheriting nonliquid assets. Family farmers do not have the resources to pay this cruel and punitive tax, especially as many family farms are already struggling to make ends meet. Permanently extending the Death Tax Relief from TCJA will prevent over two million family-owned farms from seeing their estate tax bill hiked.
• Made the Small Business Deduction (Section 199A) Permanent: NY-24 contains over 40,000 small businesses and over 6,500 family farms. Making this deduction permanent gives certainty to those small business owners, allowing them to keep more of their hard-earned income, invest in their workforce, and make our communities thrive.
• Allowed 100% Immediate Expensing of New Capital Investments: This allows farmers and small businesses to immediately deduct the cost of all tools and capital equipment, providing much-needed relief to allow for greater investment in our communities.
• Co-led H.R. 8996, the Rental Housing Investment Act: This bill will allow builders to immediately deduct up to $150,000 per unit in construction costs for qualifying long-term rental housing, rising to $250,000 per unit for qualifying affordable housing projects. Leveraging the tax code will boost long-term rental housing supply and incentivize new construction in NY-24 amid the national affordability crisis.

Putting American Workers and Families First

• Provided Immediate Tax Relief for All Taxpayers: H.R. 1 makes permanent the lower Individual Tax Rates and doubled Standard Deduction and Child Tax Credit from 2017, preventing families from facing tax hikes not seen in generations. For example, a New York family of four with an income of roughly $70,000 will save $1,700 in taxes because of H.R. 1.
• Eliminated Tax on Overtime and Tips: The Working Families Tax Cuts eliminated Tax on Overtime up to $12,500 and eliminated Tax on Tips up to $25,000. These provisions deliver $1,400 in savings for over 80 million hourly workers and up to $1,300 in tax savings for America’s 4 million tipped workers. A priority of President Trump, these novel policies will keep more money in the pockets of our hardest workers.
• Created a New Tax Deduction for Seniors: For the first time, seniors will now be able to take an additional $6,000 deduction. This provision provided targeted tax relief for middle- and low-income senior citizens. Many seniors in NY-24 live on a fixed income from their Social Security benefits and require additional relief amidst the record-high inflation from the Biden administration. 
• Removing Taxes on Interest on Loans for American Cars: For many Americans, one of the largest monthly expenses is an auto loan. Through H.R. 1, taxpayers will now be able to deduct auto loan interest for new American-made cars. This promotes affordability, provides relief to American families, and incentivizes the purchase of American-made vehicles supporting our domestic manufacturing.
• Introduced H.R. 8837, the Retirement Investment in Small Employers (RISE) Act: The SECURE 2.0 Act, signed into law in 2022, created a tax credit to cover 100% of startup and admin costs, up to $5,000/year, for small businesses with fewer than 50 employees. But the credit formula leaves many micro-businesses with fewer than 10 employees unable to fully benefit. The RISE Act extends eligibility to these micro-businesses to ensure the smallest employers can access the full value of the tax credit, along with service providers who help small businesses offer retirement plans. This helps workers save for retirement, strengthen small businesses, and support long-term economic stability, especially in communities like NY-24.
• Introduced H.R. 10039, the Simplifying Modern Access to Retirement Tools for Savings (SMART) Act: This bill modernizes outdated federal regulations governing Individual Retirement Accounts (IRAs). Current regulations make it more expensive and burdensome for financial firms to offer certain lower-cost investment services to IRA holders, despite IRAs already being subject to extensive federal and state oversight. The legislation modernizes these rules to remove unnecessary barriers while maintaining robust existing consumer protection so families can keep more of their hard-earned retirement savings. 
• Cosponsored H.R. 1177, the Improve and Enhance the Work Opportunity Tax Credit Act: This bill expands the Work Opportunity Tax Credit (WOTC), a proven tool that helps employers hire veterans, SNAP recipients, individuals with disabilities, and long-term unemployed Americans. For nearly three decades, WOTC has been vital in helping disadvantaged individuals find meaningful employment while reducing dependence on government programs. Reviving this credit is critical, and this bill gives employers the certainty and support they need to continue investing in the American workforce.

Supporting Our Children

• Introduced H.R. 2798, the High-Quality Charter Schools Act: This bill establishes a federal tax credit for charitable donations made toward the creation of new charter schools, empowering parents with more educational choices and incentivizing private investment in public education alternatives. No child’s ZIP code should determine their educational potential.
• Quadrupled the Employer Childcare Tax Credit: The Employer Childcare Tax Credit encourages small businesses to offer childcare options for workers. The Working Families Tax Cuts significantly expanded this important credit, incentivizing small businesses to provide childcare for working families.
• Expanded the Child & Dependent Care Tax Credit: This tax credit helps families offset rising childcare costs by enhancing pre-tax savings tools and refundable tax credits. This will provide relief to families in NY-24 who are struggling to afford childcare and ensure our kids receive the highest quality care possible.
• Incentivized Donations to Private Scholarship Organizations: H.R. 1 established in law the first federal school choice program ever, which incentivizes donations to private scholarship organizations that can support families in sending their kids to private schools. For some students, private or parochial schools may provide a more suitable education than traditional public schools. I strongly support efforts to provide parents with more options to choose the best option for their child.

Strengthening Entertainment and Recreational Activities in NY-24

• Introduced H.R. 2231, the Motorsports Fairness and Permanency Act: This provision reauthorizes and makes permanent the now-lapsed 7-year depreciation schedule for motorsports entertainment complexes, helping speedways and racing venues plan long-term capital improvements without crippling tax liability. This ensures that our racetracks and speedways remain economic drivers and community pillars in both Oswego and Watkins Glen.
• Introduced H.R. 1583, the PAR Act: The bill removes golf courses and country clubs from the so-called “sin list”, making them eligible for tax-exempt financing necessary to refurbish or rebuild a course after a natural disaster. This will help revitalize recreational infrastructure and community-based businesses, especially in areas rebuilding after a devastating event. 
• Introduced H.R. 9938, the Supporting Cinema Renewal, Enhancement, and Enriching Neighborhoods (SCREEN) Act: This bill would establish a 30% federal tax credit for qualified movie theater investments, including new seating, projection and sound systems, HVAC upgrades, and accessibility improvements. Strong Main Streets depend on strong local businesses, and movie theaters bring people into downtown areas where they support restaurants, shops, and other small businesses. This bill will encourage the private investment needed to help preserve these important community gathering places for future generations. 

As long as I represent you in Congress, I will continue to take on a leading role in working towards a tax code that works for everyday Americans, not against them. Through pro-family, pro-worker, and pro-small business reforms, along with a commitment to oversight and fiscal responsibility, I will always defend the interests of New York taxpayers and the hardworking families and businesses that make our country great.

Your views are always important to me. Please write to me on my website or call my office at 202-225-3665 with feedback, questions, or concerns.